Order staged, but can not be placed
Author: MikeCaron
Creation Date: 5/22/2009 9:06 AM
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MikeCaron

#1
I have an open call with Fidelity, but in the mean time decided to post this in case anyone else has resolve this problem.

With one of my accounts that has margin, I can stage and then place the orders without any issues.

However, with my IRA account, I can stage but get this error when I try to place the order: "Order not placed because Buying Power of $0.00 is below Threshold value of $20,000.00".

I went into trading preferences and set the Enable Cash Threshold and the Enable Buying Power Threshold to $20,000, however that did not solve the problem.

Does anyone have a resolution to the problem? I suspect there is an account setting somewhere to change my buying power from $0.
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Cone

#2
Please update us with the answer your get, but it's my understanding that currently, all WLP orders are marked as "margin". That implies that you can't trade a cash account, and the User Guide already states that you can't created cash trades for a margin account.

That said, I'm pretty sure I remember seeing a requirement for release later this year that allows you to marked WLP orders as either cash or margin. So, it's coming.
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MikeCaron

#3
Hi Cone, if this is the case, does WL4 support this capability? However, I am not sure I want to maintain all of these scripts plus the watch lists.
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Cone

#4
WLP4 doesn't support it "directly". But, it does in the sense that you can "Transfer" an order to Directed Multi-Trade ticket in AT Pro, and then modify order placement options like cash or margin there. It's by no means automatic.
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DartboardTrader

#5
Consider disabling the Buying Power and Cash Thresholds in the Preferences. Granted, this is like taking the seat belts out of your car because they prevent you from starting the engine, but it will get you driving at least.

Disclaimer.. I have placed staged orders successfully from the Orders window into a 401k BrokerageLink account (treated as a cash account,) and I certainly don't recommend driving without seat belts! :)
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